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SPX in a Descending Broadening Wedge

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
otis_bagshots  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators S&P 500 (SPX500) SPDR S&P 500 ETF (SPY) Bearish Patterns Descending Broadening Wedge short macdivergence
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trendanalysis chartpattern indicator spx500 spy bearish descendingbroadeningwedge short macdivergence
Equities are selling off as interest rates on long-term Treasury bonds continue to climb.
The SPX has broken out of an ascending parallel channel and is now trading near the top of a descending broadening wedge.
If this pattern holds, the SPY could fall below 365 before finding support.
The MACD and Stochastic Oscillator confirm this bearish trend:
- Weak bearish divergence on the MACD
- Stochastic is near overbought condition and falling.
Furthermore, the 1h 200 EMA has crossed above the 50 EMA.
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